The phrase "economic development purposes" refers to activities and initiatives that are designed to improve the economic well-being of a particular region or community. Full definition
TED Part II: The Senate advances language to establish a Northern New York Power Proceeds Allocation Board, similar to the Western New York Power Proceeds Allocation Board, to allow unallocated power from the FDR hydropower facility in Massena to be monetized and used for economic development purposes within the local region. (bcnys.org)
A TIF allows property tax revenue from within the district to be diverted for economic development purposes. (articles.chicagotribune.com)
He lives in Sullivan County, considered the Hudson Valley for economic development purposes but the Catskills for New York State tourism. (hudsonvalleyone.com)